The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN), demanding an explanation over $6.23 million in alleged election-related fraud and more than N1.63 trillion in public funds identified in a federal audit report.

The organisation wants the Federal High Court in Abuja to compel the apex bank to disclose how the funds were managed, identify those who received the money and explain the steps taken to recover outstanding amounts.

SERAP announced the legal action in a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare.

The suit, marked FHC/ABJ/CS/2450/2026, was filed on Friday following findings contained in Volume II of the Auditor-General of the Federation’s 2023 Annual Report, published on August 7, 2026.

Among the transactions questioned is a $6.23 million payment allegedly made following an election-funding request purportedly issued by former President Muhammadu Buhari.

The audit report also raised concerns about N1.25 trillion in unrecovered intervention loans to state governments, N116.18 billion in loans involving distressed and liquidated banks, and N262.86 billion disbursed under the Anchor Borrowers’ Programme.

SERAP is seeking “an order of mandamus to direct and compel the CBN to account for US$6.23 million in allegedly diverted or unaccounted-for election funds and over N1.63 trillion in other public funds.”

An order of mandamus is a judicial directive requiring a public institution or official to perform a duty imposed by law.

Beyond accounting for the money, the organisation wants the CBN to provide information about the purposes of the transactions, their beneficiaries, repayment records and any measures taken to recover funds that remain outstanding.

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It is also requesting details of officials who authorised the payments and whether disciplinary or administrative action has been taken against anyone found responsible.

Addressing the implications of the audit findings, SERAP stated, “The accountability of public institutions, including the CBN, is a crucial pillar of Nigeria’s constitutional democracy. These allegations by the Auditor-General suggest grave violations of the public trust, the provisions of the Nigerian Constitution 1999 [as amended], the CBN Act, national anti-corruption laws and Nigeria’s obligations under the UN Convention against Corruption.”

The organisation further argued that the issues identified by the Auditor-General required explanations from the bank.

“The magnitude and nature of these findings raise fundamental questions about the custody, expenditure, accounting, safeguarding and recovery of public resources.”

On the alleged election-funding fraud, SERAP said the Auditor-General questioned the CBN’s handling of a $6.23 million transaction at its Abuja branch.

The suit quoted the audit report as stating that the “CBN internal audit disclosed that the money was spent based on a request for election funding purportedly made by the immediate past President of Nigeria [Muhammadu Buhari].”

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Although the bank reportedly conducted an internal audit, SERAP said the findings were not made available to the federal audit team for examination.

The court filing added, “However, ‘the CBN failed to make the investigation report of the alleged fraud available to the audit team for scrutiny and confirmation.’ The Auditor-General fears that the money may have been ‘lost’ and that the payments may have been ‘fraudulent.’ He wants the money recovered and remitted to the treasury.”

Another major issue concerns intervention loans granted to state governments in 2023.

SERAP cited the Auditor-General’s finding that more than N1.25 trillion had not been recovered, raising concerns about whether the money was used for its intended purposes.

“The CBN also failed to recover over N1.2 trillion [N1,252,095,444,724.82] in ‘CBN intervention loans’ granted to different states in 2023. The Auditor-General fears that the money may have been ‘diverted to private purposes’ and recommends that the money be recovered and remitted to the treasury.”

The organisation also questioned N116.18 billion in loans involving distressed and liquidated banks, alleging that the CBN failed to recover the funds or provide financial statements and recovery schedules requested for audit examination.

Regarding agricultural financing, the lawsuit raised concerns about money released under the Anchor Borrowers’ Programme, an intervention designed to support farmers and improve domestic food production.

“The CBN reportedly ‘spent over N262 billion [N262,859,473,249.81] on Anchor Borrowers’ Programme meant to support farmers to ensure food production in the country.’ However, ‘the money remains in the hands of some ‘Anchors,’ which ‘could hamper the intended food-security objectives of the programme.’”

The organisation said the bank had also failed to provide sufficient information identifying beneficiaries of the programme or assessing its impact.

Apart from the financial transactions, SERAP is asking the court to compel the CBN to release records concerning seven boxes of currency notes awaiting examination.

It also wants explanations about unserviceable vehicles at the bank’s Lagos branch and a bullion van at its Abeokuta branch.

According to the organisation, the Auditor-General identified these issues as potential concerns for branch operations and important currency-related services.

SERAP maintained that the CBN’s status as an independent monetary authority did not remove its responsibility to account for public resources.

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“The CBN’s institutional independence cannot reasonably be understood as immunity from constitutional audit, statutory accounting requirements, public financial oversight, access to information or investigation of credible allegations of fraud and other financial misconduct.”

The lawsuit was instituted by SERAP’s legal team comprising Kolawole Oluwadare, Kehinde Oyewumi, Andrew Nwankwo and Kelechi Anwu.

In its submissions, the organisation argued that the financial issues identified in the audit report warranted an investigation to establish what happened and determine whether public money had been improperly handled.

“The findings involving public resources on the scale identified by the Auditor-General require credible investigation capable of establishing the facts, identifying responsibility and securing recovery where public funds have been unlawfully lost.

“The CBN has legal obligations to account for each amount identified by the Auditor-General, explain the basis for each transaction, identify the persons or entities that received or benefited from the funds, and disclose measures taken to investigate, reconcile and recover any amount found to have been improperly paid or lost”, the suit read.

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SERAP relied on provisions of the 1999 Constitution, the CBN Act 2007 and the United Nations Convention against Corruption to support its demand for financial transparency and public accountability.

It also asked the court to compel the bank to disclose the findings of its internal investigation into the alleged election-funding fraud and any actions taken against persons connected to the transactions.

The organisation stated, “Identifying those responsible, ensuring that any perpetrators are brought to justice, and securing the full recovery of any missing or unaccounted-for public funds would serve the public interest and help to address impunity for the mismanagement of public resources.”

The allegations contained in the audit report have not been established as findings of criminal wrongdoing against any individual by the court.